Macy’s has announced a succession plan for its CEO position, as part of the wider board of directors’ succession plan.
The department store giant said that Terry Lundgren, who has been CEO since 2003, will gradually hand over the position to Jeff Gennette, currently President of the chain. The transition will take place by the first quarter of 2017. Lundgren will continue as Executive Chairman of Macy’s.
Gennette has joined the Macy’s board, effective immediately, assuming additional management responsibility during the transition period, including oversight of the Macy’s stores organization.